ESCROW OF CERTAIN FEES NOT REQUIRED
Known as the Texas Continuing Care Facility Disclosure and Rehabilitation Act
The act spans §§ 246.001–246.117 (61 sections).
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff
This subchapter does not require the escrow of a waitlist fee or a similar fee of $1,000 or less, or of any nonrefundable portion of a deposit or entrance fee that:
(1) does not exceed an amount equal to two percent of the entrance fee; and
(2) is clearly designated as nonrefundable in the continuing care contract or reservation agreement.
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.